$1 billion Eurobond approved by Parliament

Parliament has approved a request for sovereign guarantee for the Finance Minister to issue a $1 billion Eurobond.

The House approved the motion to allow Seth Tekper to issue the bond through a voice vote.

The Minority had attempted to block the loan, citing poor economic management by government.

The MPs said they do not want to be a part of unwarranted government borrowing, characterized by excessive domestic loans.

In a rare outcome in Parliament on Tuesday, the Minority won a vote to stop government from securing approval for a sovereign guarantee on one billion dollar Eurobond.

The motion by the Finance Minister, Seth Terkper, seeking parliamentary approval to borrow from the international market lost by one vote.

Sixty-seven Members of Parliament (MPs) voted against the motion, whilst 66 voted in favour.

A head count to establish the number of legislators voting in favour or against approval of the Eurobond became necessary after a voice vote proved impossible to determine whether the motion had been approved or not.

However in a dramatic turn, Ebo Barton-Odro, First Deputy Speaker, announced that the number of Parliamentarians present in the House, i.e. 133, does not meet the requirement to take a decision on a matter.

The motion was subsequently tabled for debate on Wednesday.

Seth Terkper says the entire one billion dollar Eurobond would be used for refinancing Ghana’s short-term debts.

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